\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 845 Shanghai Baosight Software Co.Ltd(600845) )
Performance review
On March 8, the company released its annual performance express. In 2021, the company realized a revenue of 11.759 billion yuan. During the accounting period, it acquired Pegasus Zhike, with a year-on-year increase of 15.01% after adjustment; The net profit attributable to the parent company was 1.819 billion yuan, a year-on-year increase of 35.92%; Deduct non net profit of RMB 1.718 billion, with a year-on-year increase of 38.95%; The basic earnings per share was 1.22 yuan, a year-on-year increase of 33.92%. In line with market expectations.
Business analysis
The integration of resources has been promoted, the downstream demand is booming, and the profitability has been continuously enhanced. The company's Q4 single quarter revenue was 4.354 billion yuan, a year-on-year increase of 14.19%, and the net profit attributable to the parent company was 404 million yuan, a year-on-year increase of 21.69%. The high growth of annual performance mainly benefited from the promotion of integration and integration of Baowu group, the growth of demand for smart manufacturing and smart operation, and the increase of business income scale such as automation, informatization and cloud services. The annual net interest rate was 15.47%, with a year-on-year increase of 1.81pp. We believe that the integration of Baowu group is expected to bring order growth, give play to synergy and promote the continuous improvement of the company's profitability.
IDC has significant location and advantages, benefiting from the industry opportunity of "counting from the east to the west". The leading scale of IDC industry continues to increase, and Baowu Group continues to benefit. At present, baozhiyun IDC has completed four phases, with a shelf rate of more than 90%, and its profitability is firmly at the top level of the industry. IDC continues to expand from the Yangtze River Delta to central and North China. According to Shanghai Baosight Software Co.Ltd(600845) planning, the overall scale of cabinets is expected to reach 50000 in 2023. Relying on Baowu group, the company has long benefited from the advantages of land, hydropower and other resources, accelerated intelligent operation and intelligent manufacturing, and driven the demand for orders.
The core competitiveness of industrial software has been strengthened, and the market has broad room for improvement. During the accounting period, several key projects were successfully launched, and Baoshan Iron & Steel Co.Ltd(600019) the first information system "ieqms" with "business center + data center" dual center architecture was fully put into operation. Xin3plat, a self-developed industrial Internet platform, has been continuously selected as a dual cross platform and ranks first in the industry. By the end of 2021, the company's Internet platform coverage has reached more than 80%, covering more than 4.28 million devices, 7500 + cloud software and industrial apps, 46000 + micro services, 6700 + industrial models and 17 industries. It has more than 50 solutions in 9 fields and serves 290000 enterprise users. In 2022, it is expected to further invest in industrial Internet, big data center, PLC product R & D and promotion, Siasun Robot&Automation Co.Ltd(300024) business, strive to solve the problem of "neck sticking" and continue to form core competitiveness.
Profit adjustment and investment suggestions
According to the performance express, we reduced the growth rate of revenue (within 5% of the change from the comments of the third quarterly report) and increased the gross profit margin by about 2PP. It is estimated that the company's operating revenue in 21-23 years will be 11.759/15.181/19.619 billion yuan, and the net profit attributable to the parent company will be 18.19 (6.8%) / 22.02/2.95 billion yuan, maintaining the "buy" rating.
Risk tips
IDC demand of Internet manufacturers is lower than expected; The informatization expenditure of the iron and steel industry was lower than expected.
